Gap Insurance.

[Veedlescnapper]

Hi all, I've just bought a new Cali Ocean and need the reassurance of Gap insurance in case of the worst happening. I've just quickly looked at the Safeguard motorhome policy and there's a point that states:

"New for old motorhome replacement - where you have owned the motorhome since it was first registered and it is less than two years old with less than 15,000 recorded miles on the clock."

If anyone has gone with a policy from Safeguard, it would be great to hear if you had bought Gap insurance as well, or if the Safeguard policy does in deed do the job of bridging the gap.

Many thanks and apologies if this has already been asked (I couldn't find it anywhere).

 

[Taff7996]

Good point, I've just placed my order and would like to know too
No point getting and paying for the same insurance twice

 

[Lewis]

Hi all, I've just bought a new Cali Ocean and need the reassurance of Gap insurance in case of the worst happening. I've just quickly looked at the Safeguard motorhome policy and there's a point that states:

"New for old motorhome replacement - where you have owned the motorhome since it was first registered and it is less than two years old with less than 15,000 recorded miles on the clock."

If anyone has gone with a policy from Safeguard, it would be great to hear if you had bought Gap insurance as well, or if the Safeguard policy does in deed do the job of bridging the gap.

Many thanks and apologies if this has already been asked (I couldn't find it anywhere).

I have a Safeguard policy and intend to buy GAP insurance this week (took delivery last month). Will likely cover the mileage in one year so there's still a risk for the remaining years. Seems like another big lump sum so will take the option to pay £30-odd per month for 10months to get the 4yr cover.

 

[sidepod]

Aren't insurance companies supposed to give you full value within the first12 months on new vehicles , so Gap isn't required?

 

[Lewis]

but the problem comes in the following years when the 'book price' assumes much more depreciation than actually occurs and means you wouldn't have enough of a payout to buy a Cali of the same year/spec. Even worse if you're on finance as you have to make up the difference between the insurance payout and the outstanding finance.

I'm massively wary of additional insurance products but I can imagine how bloody awful it would be to lose your Cali and then fork out thousands on top to settle a finance plan.

 

[Grey one]

Hi,

Just going through the same insurance questions. As stated above, the problem may well come after the first year or so when any 'like for like' promise is no longer applicable. My insurance quotes seem to use the phrase 'market value' for the sum to be paid out once the like for like period ends. I am getting them to define how they will define market value in respect of both the base vehicle and its options should the situation of replacement ever arise. They are all so different and imprecise in certain comments I think it's well worth asking before you buy.

 

[Taff7996]

As long as the policy states new of old we should be ok, shouldn't we?

 

[jackelliemolly]

make sure the insurance company is actually still registered to be covered under financial services compensation scheme. i had quotes from two leading both claiming this. one checked out, the other had lapsed 31/12/16 so you wouldn't be covered possibly. i lodged it with financial services to look into just in case their records were out of date or it was covered by a another party.